Gambling tycoon Sheldon Adelson, whose Las Vegas Sands Corp. owns Singapore’s landmark Marina Bay Sands, said he’s considering selling the casino resort’s retail assets after a government-imposed moratorium expires next year.
The company has spoken with potential buyers, Chairman Adelson said in a conference call after Las Vegas-based Sands announced first-quarter results Wednesday.
“We have been approached. We have been talking to people,” said Adelson. Capitalization rates at the 800,000 square-foot mall, located in Singapore’s prominent downtown district, “are attractive, and we may or may not sell a portion.”
The world’s largest casino operator missed analysts estimates as profit shrank amid a sharp decline in gambling at Sands China Ltd., its main Macau unit. The Hong Kong-listed company’s shares fell 4.9 percent to HK$29.05 by the close of trading Thursday, the lowest level in more than a month, even as Adelson bet Macau would see future improvement from mass-market gamblers and tourists.
(Source: Bloomberg)